Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, today announced the sale of The Payment Group (TPG) to Atlanta, Georgia-based Paya for $21 million dollars. Paya, backed by Chicago-based private equity firm GTCR, is a leading integrated payments provider serving more than 100,000 customers across numerous industries including healthcare, education and government and utilities.
TPG, headquartered in Dallas, TX, is a leading regional provider of court, utility and other payments solutions to municipal governments throughout the southern United States. The Company provides more than 600 municipal customers with the ability to provide seamless payments solutions to their constituents.
According to Brian Kornmann of TSCP, “This transaction represents a good outcome for the shareholders of TPG. The acquisition of TPG by Paya will enhance Paya’s already strong presence in the municipal and utilities market, specifically by providing the Company a strong presence in Texas. We believe that both companies will benefit as a result of the acquisition.”